Windfall tax for major companies to be introduced in Russia
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31.03.2022
THE RF GOVERNMENT IS TAKING ACTIONS TO SECURE FROM SHORTAGE OF MEDICINES
The RF Government has specified a special procedure for state regulation of manufacturers' maximum selling prices for drugs included into the List of the Vital and Essential Drugs in case of their shortage due to pricing.
The RF Ministry of Industry and Trade will maintain a register of sole suppliers of medicines and medical devices for which there are no analogues produced in Russia
30.03.2022
RUSSIAN CITIZENS WILL BE ABLE TO PERFORM REAL ESTATE TRANSACTIONS WITH NON-RESIDENTS
Russian citizens will be able to perform real estate purchase and sale transactions with non-residents.
On March 17, 2022, the Sub-commission of the Governmental Commission for the Control of Foreign Investments considered appeals from individuals concerning real estate transactions.
Residents are allowed to sell real estate to non-residents associated with states that commit unfriendly actions against Russian legal entities and individuals. Residents are also to purchase real estate from non-residents associated with hostile states.
However, funds for such transactions must be credited to the account of type "C" in the procedure determined by the Presidential Decree No. 95 of March 5, 2022.
29.03.2022
THE PRESIDENT SIGNED LAWS ON RESPONSIBILITY FOR FAKES CONCERNING ACTIVITIES OF STATE BODIES OF THE RUSSIAN FEDERATION ABROAD
Amendments into the RF Criminal Code and also into the RF Code of Administrative Offences are made. From April 5, 2022, criminal liability is introduced for public actions aimed at discrediting governmental bodies of the Russian Federation when performing their authorities outside the Russian Federation.
Starting from the same date, administrative liability is also envisaged for public actions aimed at discrediting governmental bodies of the Russian Federation when performing their authorities outside the Russian Federation, if such actions do not contain signs of a criminally punishable act.
28.03.2022
RELIEF MEASURES ARE ENVISAGED IN REGULATION OF IMPORTATION OF GOODS ONTO THE TERRITORY OF RUSSIA
Certain relief measures are envisaged in regulation of importation of goods onto the territory of Russia and the customs territory of the EAEU:
- for 6 years, the right to import multicomponent goods is provided for several foreign economic transactions;
- obligation to pay customs duties and taxes by participants in foreign economic activity that carry out such activities for less than a year, is eliminated;
- FEA participants that have paid a cash deposit upon release of goods are exempted from paying penalties, if a customs authority charges additional payments upon the results of customs examination.
25.03.2022
THE RF MINISTRY OF FINANCE EXPLAINED HOW TO OBTAIN A PERMIT FOR A TRANSACTION IN THE SUBCOMMITTEE OF THE GOVERNMENT COMMISSION FOR THE CONTROL OF FOREIGN INVESTMENTS IN RUSSIA
The Subcommittee of the Government Commission for the Control of Foreign Investments in Russia takes decisions on the issuance of permits for transactions of residents with foreign persons of unfriendly states, as well as for foreign exchange transactions.
Permit applications are submitted to the Ministry of Finance.
A list of transactions on which the Subcommittee has the right to take decisions is given.
Federal executive authorities and the Bank of Russia can also apply to the Ministry of Finance for issuing permits to residents. In this case, applications and documents are submitted to the relevant authority and (or) the Bank of Russia.
24.03.2022
CITIZENS AND ENTREPRENEURS WILL BE ABLE TO TAKE ADVANTAGE OF REPAYMENT HOLIDAY ONCE AGAIN
Among the measures to support the economy and citizens under the sanctions, borrowers have the right to use repayment holiday, which was previously used at the first stage of the pandemic in 2020.
23.03.2022
THE ANTIVIRAL DRUG REMDESIVIR FOR TREATMENT OF PATIENTS WITH COVID-19 WILL BE TEMPORARILY PRODUCED IN RUSSIA WITHOUT CONSENT OF AMERICAN PATENT HOLDERS
Until the end of 2022, JSC "R-Pharm" is allowed to produce the remdesivir without the consent of the American patent holders represented by Gilead Sciences, Inc. and Gilead Pharmasset LLC.
22.03.2022
FROM SEPTEMBER 2024, A NEW UNIFIED LIST OF SPECIALITIES AND AREAS OF HIGHER EDUCATION TRAINING WILL BE IN EFFECT
A new unified list of specialties and areas of higher education training has been formed for bachelor's degree, specialty, master's degree, residency and assistant internship programs.
New areas of education and enlarged groups of specialties and areas of training are included. So, the specialty "Medical Microbiology" is included. Among the enlarged groups of specialties and areas of training are "Computer science, computer technology and artificial intelligence", "Forestry and forestry technologies".
21.03.2022
PROCEDURE FOR PURCHASING MEDICAL PRODUCTS HAS BEEN SIMPLIFIED
Until September 1, 2022, the requirements for the formation of lots for the procurement of medical products will not apply. That is, such purchases are exempt from division into separate lots for each type of medical device.
18.03.2022
VISA AND MASTERCARD CARDS OF RUSSIAN BANKS WILL CONTINUE TO WORK IN RUSSIA
All Visa and MasterCard cards issued by Russian banks will continue to work in Russia as usual until they expire. Client funds on the accounts are fully saved and available.
At the same time, cross-border transactions with Visa and MasterCard cards will not be available. In case of travelling abroad, it is recommended to take cash and a MIR card for those countries where it is accepted.
17.03.2022
THE PRESIDENT SIGNED A DECREE ON MEASURES TO SUPPORT THE IT INDUSTRY
The Decree of the President of the Russian Federation was published, instructing the Council of Ministers to ensure the provision of soft loans to accredited IT organisations at a rate of up to 3% for current activities and for new projects; to amend the legislation providing for the exemption of such organisations from income tax and from inspections by control authorities (including tax authorities and currency regulation authorities), as well as a number of other benefits.
In addition, the Government of the Russian Federation should provide for the allocation of funds to increase the wages of employees of IT companies, as well as to improve the living conditions of certain categories of workers.
Employees of IT organisations will be granted a deferment from military service until they reach the age of 27 (for the period of work in these organisations). The categories of such employees and the rules for granting deferrals will be determined by the Government of the Russian Federation.
16.03.2022
LAWS OF MARCH
In early March, the President of the Russian Federation signed new laws. So, on March 4, laws were signed on liability for calls for sanctions, fakes about the actions of the Armed Forces of the Russian Federation and their discrediting, on March 6 - 13 federal laws affecting various areas were signed (the law on the withdrawal of money in favour of the state from the accounts of corrupt officials, amendments to the Code of Administrative Offences of the Russian Federation, amendments to the laws on the national payment system and the use of cash registers when making settlements and others), and on March 8 - a law providing for support measures in the economic and social sphere in the context of sanctions restrictions was signed.
15.03.2022
FOR THE NEXT SIX MONTHS, THE BANK OF RUSSIA HAS ESTABLISHED A SPECIAL PROCEDURE FOR OPERATIONS WITH FOREIGN CASH
From March 9 to September 9, 2022:
- All funds of individual clients on foreign currency accounts or deposits are saved and accounted for in the deposit currency. Deposit conditions do not change.
- The client can withdraw up to 10 thousand US dollars in cash (regardless of the currency of the account), and the rest of the funds - in roubles at the market rate on the day of issue.
- Citizens will be able to open new foreign currency accounts and deposits, but it will be possible to withdraw funds from them in roubles at the market rate on the day of issue.
14.03.2022
MANDATORY LABELLING OF NICOTINE-CONTAINING PRODUCTS BEGAN ON MARCH 1, 2022
From March 1, 2022, mandatory labelling with identification means has been introduced:
- tobacco (tobacco products) intended for consumption by heating;
- tobacco-free hookah smoking mixes.
The features of labelling these goods and sending information to the monitoring information system are determined.
11.03.2022
THE RF PRESIDENT SIGNED A DECREE ON MEASURES SUPPORTING IT-INDUSTRY
A Decree of the President of the Russian Federation was published, instructing the Cabinet of Ministers to ensure the following:
- providing soft loans to accredited IT organisations at a rate of up to 3% for current activities and for new projects;
- drawing up amendments into legislation providing for exemption of such organisations from income tax and from inspections carried out by controlling authorities (including tax authorities and currency regulation authorities);
- a number of other benefits.
Moreover, the RF Government should provide for allocation of funds to increase the wages of employees of IT companies, as well as to improve the living conditions of certain categories of employees.
Employees of IT organisations will be granted a deferment from military service until they reach the age of 27.
10.03.2022
THE CENTRAL BANK OF THE RUSSIAN FEDERATION TEMPORARILY EASED THE REQUIREMENTS FOR BANKS ON THE LIMIT OF OPEN CURRENCY POSITIONS
From February 18 to July 1, 2022, the Bank of Russia will not apply measures to credit institutions for non-compliance with established limits on open currency positions in certain foreign currencies and precious metals, the amount of all such positions, as well as the balancing position in roubles. Under the condition - the situation must arise due to external circumstances, and the opportunity provided is not used by banks for speculative purposes.
09.03.2022
THE KEY RATE IS RAISED IMMEDIATELY TO 20% PER ANNUM
The Bank of Russia decided to raise the key rate to 20% per annum from February 28, 2022. This will help maintain financial and price stability and protect citizens' savings from depreciation.
05.03.2022
FROM MARCH 14, 2022, RUSSIA WILL RESUME FLIGHTS WITH INDONESIA AND CHINA AND INCREASE THE NUMBER OF FLIGHTS TO 16 COUNTRIES
From March 14, 2022, regular flights with Indonesia and China will resume on a reciprocal basis.
Also from this date, the number of regular flights with Azerbaijan, Armenia, Bahrain, Vietnam, India, Iraq, Iran, Kazakhstan, Kyrgyzstan, Maldives, Mongolia, Saudi Arabia, Serbia, Tajikistan, Thailand and Uzbekistan is increasing.
04.03.2022
ON MARCH 1, 2022, PROVISIONS OF THE CIVIL CODE OF THE RUSSIAN FEDERATION ON PERSONAL FUNDS WILL COME INTO FORCE
Since September 2018, provisions have appeared in the Civil Code of the Russian Federation providing for possibility of establishing inheritance funds. Such fund may be created in pursuance of the will of a citizen and on the basis of his property. On March 1, 2022, a law will come into force, which, instead of these norms, introduces new ones - on personal funds, which may be either intention, or hereditary. A new concept will also appear in the Civil Code - "publicly useful funds".
03.03.2022
THE RF MINISTRY OF FINANCE HAS REVEALED THE DETAILS OF THE DRAFT LAW, SUBMITTED TO THE GOVERNMENT, ON THE REGULATION OF CRYPTOCURRENCIES
It is reported that last week the Ministry of Finance of Russia submitted to the Government of the Russian Federation a draft law on the regulation of cryptocurrencies.
Among the key provisions of the draft law are, in particular, the following:
- The use of digital currencies as a payment instrument on the territory of the Russian Federation will continue to be prohibited. Digital currencies are considered solely as an investment tool.
- Exchanges and operators that can carry out the organisation of the circulation of digital currencies will be included in a special register. The activities of such companies will be licensed. Foreign cryptocurrency exchanges will have to register in Russia to obtain a licence.
02.03.2022
A NEW DECLARATION FORM FOR EXCISE TAXES ON FUELS AND LUBRICANTS, LIQUEFIED HYDROCARBON GASES, ETHANE, LIQUID STEEL, CARS AND MOTORCYCLES HAS BEEN APPROVED
New form, format and procedure for filling out the declaration on excise taxes on gasoline, diesel fuel, motor oils for diesel and injection engines, straight-run gasoline, medium oils, benzene, paraxylene, orthoxylene, aviation kerosene, natural gas, ethane, liquefied hydrocarbon gases, liquid steel, passenger cars and motorcycles.
This is due to the classification of ethane, liquefied hydrocarbon gases and liquid steel as excisable goods.
01.03.2022
THE MINISTRY OF EDUCATION PLANS TO SIMPLIFY THE PROCEDURE FOR SUBMITTING DOCUMENTS TO KINDERGARTENS
The RF Ministry of Education has prepared amendments to Article 98 of the Law on Education, which should simplify submission of documents to kindergartens, with no need for parents to collect additional documents in paper form.
The bill provides that from September 1, 2022, the regional information systems will process, in terms of personal data, not details of the birth certificates, but information on the state registration of birth.
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